华测检测认证集团股份有限公司第四期员工持股计划（草案） 本公司及董事会全体成员保证本员工持股计划不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 2 华测检测认证集团股份有限公司 第四期员工持股计划 （草案） 二○二五年十一月 1 华测检测认证集团股份有限公司第四期员工持股计划（草案） 声明 华测检测认证集团股份有限公司第四期员工持股计划（草案） 特别提示 1、《华测检测认证集团股份有限公司第四期员工持股计划（草案）》系公 司依据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《关于上市公司实施员工持股计划试点 的指导意见》（以下简称"《指导意见》"）、《深圳证券交易所上市公司自律 监管指引第2号——创业板上市公司规范运作》等有关法律、行政法规、规章、 规范性文件和《公司章程》的规定制定。 2、本次员工持股计划遵循依法合规、自愿参与、风险自担的原则,不存在摊 派、强行分配等强制员工参加本员工持股计划的情形。 3、本员工持股计划设立后由公司自行管理。本计划成立管理委员会，负责 对本员工持股计划进行日常管理工作、代 ...

华测检测认证集团股份有限公司第四期员工持股计划（草案）摘要 华测检测认证集团股份有限公司 第四期员工持股计划 （草案）摘要 二○二五年十一月 1 华测检测认证集团股份有限公司第四期员工持股计划（草案）摘要 声明 本公司及董事会全体成员保证本员工持股计划不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 2 华测检测认证集团股份有限公司第四期员工持股计划（草案）摘要 特别提示 1、华测检测认证集团股份有限公司（以下简称"本公司"、"华测检测"） 第四期员工持股计划系公司依据《中华人民共和国公司法》（以下简称"《公司 法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《关于上市公 司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《深圳 证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关 法律、行政法规、规章、规范性文件和《公司章程》的规定制定。 2、本次员工持股计划遵循依法合规、自愿参与、风险自担的原则,不存在摊 派、强行分配等强制员工参加本员工持股计划的情形。 3、本员工持股计划设立后由公司自行管理。本计划成立管理委员会，负 ...

华测检测认证集团股份有限公司董事会 薪酬考核与提名会委员会关于员工持股计划相关事项的审 核意见 华测检测认证集团股份有限公司（以下简称"公司"）薪酬考核与提名会委 员会根据《公司法》《证券法》《关于上市公司实施员工持股计划试点的指导意 见》（以下简称"《指导意见》"）、《深圳证券交易所上市公司自律监管指引 第2号——创业板上市公司规范运作》（以下简称"《规范运作》"）等法律法 规及《公司章程》的相关规定，认真审阅了《华测检测认证集团股份有限公司第 四期员工持股计划（草案）及摘要》等相关资料，经充分讨论，就公司员工持股 计划相关事项发表如下意见： 1、公司不存在《指导意见》等法律法规、规范性文件规定的禁止实施员工 持股计划的情形。 2、公司员工持股计划的内容符合《指导意见》《规范运作》等有关法律法 规、规范性文件的规定，不存在损害公司及全体股东利益的情形，本次员工持股 计划推出前已通过职工代表大会依法充分征求员工意见，亦不存在摊派、强行分 配等方式强制员工参加员工持股计划的情形。员工持股计划确定的持有人均符合 相关法律法规、规范性文件规定的条件，主体资格合法、有效。 3、公司实施员工持股计划有利于建立和完善劳动 ...

证券代码：300012 证券简称：华测检测 公告编号：2025-049 华测检测认证集团股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 《华测检测认证集团股份有限公司第四期员工持股计划管理办法》详见巨潮 资讯网（www.cninfo.com.cn）。本议案需提交公司股东大会审议。 监事杜学志、张渝民为本次员工持股计划的参与对象，需对本议案回避表决。 三、会议以1票同意、0票反对、0票弃权，2票回避，审议通过《关于核实公司第 四期员工持股计划持有人名单的议案》 监事会经审核认为：公司第四期员工持股计划持有人均符合相关法律、法规 和规范性文件规定的持有人条件，符合《公司第四期员工持股计划（草案）》的 规定。 华测检测认证集团股份有限公司（以下简称"公司"）第六届监事会第二十 次会议于 2025 年 10 月 31 日发出会议通知，2025 年 11 月 3 日以现场结合通讯方 式召开。本次会议应参加监事 3 人，实际参加监事 3 人，分别为：陈炜明、杜学 志、张渝民。本次会议召开符合《公司法》和《公司章程》的有关规定 ...

证券代码：300012 证券简称：华测检测 公告编号：2025-048 华测检测认证集团股份有限公司 第六届董事会第二十七次会议决议公告 《华测检测认证集团股份有限公司第四期员工持股计划管理办法》详见巨潮 资讯网（www.cninfo.com.cn）。本议案需提交公司股东大会审议，股东大会召开 时间另行通知。 三、会议以7票同意、0票反对、0票弃权、0票回避，审议通过《关于提请股东大 会授权董事会办理员工持股计划有关事项的议案》 为保证本次员工持股计划的实施，董事会提请股东大会授权董事会办理本次 员工持股计划的相关事宜，具体授权事项如下： 1、授权董事会负责拟定、修改和解释本员工持股计划； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华测检测认证集团股份有限公司（以下简称"公司"）第六届董事会第二十 七次会议于 2025 年 10 月 31 日发出会议通知，2025 年 11 月 3 日以现场结合通讯 方式召开。本次会议应参与董事 7 名，实际参与董事 7 名，分别为：万峰、申屠 献忠、钱峰、戚观成、程海晋、曾繁礼、刘志权。会议由董事长万峰主持，董事 会会 ...

Group 1 - The report highlights that Q3 performance met expectations with a continuous increase in membership numbers for Focus Technology, achieving a revenue of 490 million yuan, a year-on-year increase of 17% [4][5] - The report indicates that the company’s net profit for Q3 was 122 million yuan, showing a year-on-year decrease of 2%, while the net profit excluding non-recurring items was 118 million yuan, down 3.4% year-on-year [5][6] - The report notes that the company’s gross margin was 78.5%, a decrease of 1.4 percentage points year-on-year, and the net profit margin was 24.5%, down 5.2 percentage points year-on-year [5][6] Group 2 - The report states that Kuaijiao's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24%, with a net profit of 742 million yuan, down 43.39% year-on-year [10][11] - In Q3, Kuaijiao's revenue was 643 million yuan, a year-on-year decrease of 46.23%, and the net profit was 27 million yuan, down 92.55% year-on-year [10][11] - The report indicates that the decline in high-end and mid-range liquor sales was significant, while low-end liquor saw a growth of 117.28% year-on-year [12] Group 3 - The report mentions that Jinshi Resources achieved a revenue of 2.758 billion yuan in the first three quarters, a year-on-year increase of 50.73%, while the net profit was 236 million yuan, down 5.88% year-on-year [15][17] - In Q3, the company reported a revenue of 1.033 billion yuan, a year-on-year increase of 45.21%, and a net profit of 109 million yuan, up 32.29% year-on-year [16][18] - The report highlights that the company’s cash flow from operating activities for the first three quarters was 462 million yuan, an increase of 24.80% year-on-year [15][17] Group 4 - The report indicates that Wanze Co. achieved a revenue of 941 million yuan in the first three quarters, a year-on-year increase of 21%, with a net profit of 170 million yuan, up 22.45% year-on-year [22][23] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [24][43] - The report notes that the company has significant production capacity in high-temperature alloy components, with various agreements in place for further expansion [23][26] Group 5 - The report states that Lu'an Huanneng's revenue for the first three quarters was 21.1 billion yuan, a year-on-year decrease of 20.8%, with a net profit of 1.55 billion yuan, down 44.45% year-on-year [28][29] - In Q3, the company reported a revenue of 7.03 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 210 million yuan, down 64% year-on-year [28][29] - The report highlights that the company plans to shut down its Xidong Coal Mine to improve operational efficiency and reduce losses [30][31] Group 6 - The report indicates that Mango Super Media's Q3 revenue was 3.099 billion yuan, a year-on-year decrease of 6.58%, with a net profit of 252 million yuan, down 33.47% year-on-year [32][33] - The report notes that increased content and R&D investments led to higher costs, impacting profitability [33][34] - The report highlights that advertising revenue returned to positive growth in Q3, with new shows expected to drive further engagement [35][36] Group 7 - The report states that Hangya Technology achieved a revenue of 530 million yuan in the first three quarters, a year-on-year increase of 1.95%, with a net profit of 78 million yuan, down 16.04% year-on-year [38][39] - In Q3, the company reported a revenue of 161 million yuan, a year-on-year decrease of 10.87%, and a net profit of 17 million yuan, down 34.78% year-on-year [40][41] - The report indicates that the company is focusing on new product development to drive future growth [39][41] Group 8 - The report mentions that Shandong Weida achieved a revenue of 1.439 billion yuan in the first three quarters, a year-on-year decrease of 11%, with a net profit of 230 million yuan, up 15% year-on-year [43][44] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [43][44] - The report highlights the company's strong cash flow and potential for growth in new business areas [44][45] Group 9 - The report indicates that Dinglong Co. achieved a revenue of 2.698 billion yuan in the first three quarters, a year-on-year increase of 11.2%, with a net profit of 519 million yuan, up 38% year-on-year [46][47] - In Q3, the company reported a revenue of 967 million yuan, a year-on-year increase of 6.6%, and a net profit of 208 million yuan, up 31.5% year-on-year [47][48] - The report highlights the strong performance of the semiconductor business, contributing significantly to overall growth [48]

Core Insights - In the past 10 days (from October 17 to October 30), overseas institutions conducted research on 164 listed companies, with Huace Testing being the most focused, receiving attention from 52 overseas institutions [1] - A total of 442 companies were researched by institutions, with securities companies leading at 414, followed by fund companies at 368, and overseas institutions at 164 [1] - The average stock price of companies receiving overseas institutional research increased by 1.25% over the past 10 days, with notable performers including Zhongtung High-tech, which saw a cumulative increase of 51.84% [1][2] - Among the companies that received attention, 137 reported their Q3 performance, with Chujiang New Materials and Chuanjin Nuo showing significant net profit growth [1] Company Performance - Zhongtung High-tech (stock code: 000657) had 2 overseas institutions conducting research, with a closing price of 26.01 yuan and a price increase of 51.84% [2] - Okoyi (stock code: 688308) also had 2 overseas institutions, closing at 33.00 yuan with a 39.77% increase [2] - Huace Testing (stock code: 300012) was the most researched company with 52 overseas institutions, but its stock price decreased by 0.21% to 14.23 yuan [4] - Visual China (stock code: 000681) experienced the largest decline among researched companies, with a cumulative drop of 18.65% [6] Earnings Forecasts - Three companies provided Q3 earnings forecasts, all indicating an increase in net profit, with Nairui Radar showing the highest expected growth at 181.00% year-on-year [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company achieved a revenue of 4.702 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.95%. The net profit attributable to shareholders reached 812 million yuan, up 8.78% year-on-year, while the net profit excluding non-recurring items was 766 million yuan, reflecting a growth of 9.26% [3][8] - The company's international expansion is accelerating, with strategic acquisitions enhancing its global service capabilities, particularly in the African and European markets [6][8] Summary by Sections Recent Performance - In Q3 2025, the company reported a revenue of 1.742 billion yuan, a year-on-year increase of 8.53%, and a net profit of 345 million yuan, up 11.24% year-on-year [6][8] - The company’s gross margin for the first three quarters of 2025 was 49.83%, a slight decrease of 1.05 percentage points year-on-year, while the net profit margin improved to 17.23%, an increase of 0.12 percentage points [8] Business Segments - The Life Sciences segment is expanding through acquisitions and focusing on niche markets, while the Environmental Testing segment is enhancing its management and exploring new areas [6][8] - The Consumer Products Testing segment is making progress in the electric vehicle and aerospace sectors, with significant growth in semiconductor testing [6][8] - The Trade Assurance segment is benefiting from acquisitions, and the Industrial Testing segment is showing strong growth across various fields [6][8] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.608 billion yuan, 7.311 billion yuan, and 8.252 billion yuan, respectively, with corresponding net profits of 1.017 billion yuan, 1.170 billion yuan, and 1.331 billion yuan [7][9] - The report anticipates a stable return on equity (ROE) of 13% for 2025 and 2026, increasing to 14% in 2027 [7][9]

Core Insights - The stock price of Huace Testing increased by 2.04% on October 30, reaching 14.48 CNY per share, with a total market capitalization of 24.367 billion CNY [1] - The company reported a year-to-date stock price increase of 17.91%, with a 0.82% decline over the last five trading days [1] Financial Performance - For the period from January to September 2025, Huace Testing achieved a revenue of 4.702 billion CNY, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 812 million CNY, up 8.78% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.161 billion CNY, with 519 million CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 5.62% to 76,600, while the average number of circulating shares per person increased by 5.96% to 18,698 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.816 million shares from the previous period [3]

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]